Boom... or Bust?

Master limited partnerships have benefited from low rates and an energy boom. But what's next?

Income-oriented investors have had a tough time recently. Low bond yields and pricey dividend stocks have made it tough for an investor to find a little yield, let alone growth. Except, that is, in master limited partnerships. This quirky corner of the market beat the Standard & Poor's 500 for 11 years running, by an average of 20 percentage points, until 2012.

Their high payouts -- an average of 6% today -- aren't MLPs' only appeal. Energy companies can structure themselves as MLPs or simply put some of their assets...